Bill > H0561

This bill amends existing law to provide for an automatic reduction in individual and corporate income tax rates upon the occurrence of certain revenue growth. Specifically, if the state controller certifies that the general fund receipts for the fiscal year have exceeded the previous fiscal year's receipts by 6% or more, the individual and corporate income tax rates will be permanently reduced by 0.1% each, up to a minimum of 6% for the highest income bracket. The legislature can, however, pass a concurrent resolution to prevent the tax rate reduction from taking effect. The state tax commission is required to promulgate rules to implement the modified income tax rates.

Budget and Finance

Revenue and Taxation Committee (House)

https://legislature.idaho.gov/sessioninfo/2018/legislation/H0561/